The global ethylene carbonate market size is expected to grow from USD 290 million in 2021 to USD 389 million by 2026, at a CAGR of 6.1%, during the forecast period. The market is driven mainly by the application expansion achieved through the improved quality of ethylene carbonate & lithium batteries electrolytes, lubricants, coatings, and plasticizers in various end-use industries such as automotive, industrial, electronics, medical and others, globally.
The increase in demand for high-quality, durable products is the key factor driving the use of ethylene carbonate in end-use industries. The rising demand for lithium-ion batteries and lubricants in the emerging Asia Pacific region, high growth in end-use industries, and a shift in consumer preference toward high-quality products are propelling the growth of the ethylene carbonate market globally. However, factors such as the global economic slowdown and volatile raw material prices could affect market growth.
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Oriental Union Chemical Corporation (Taiwan), Huntsman (US), BASF (Germany), Mitsubishi Chemical (Japan), and Toagosei Co., Ltd. (Japan), among others, are the leading ethylene carbonate manufacturers, globally. These companies have established their brands, and ethylene carbonate produced by these companies is consumed domestically. It is supplied further to various countries such as China, Japan, New Zealand, Australia, and others within the Asia Pacific region.
Oriental Union Chemical Corporation (OUCC) accounted for the largest share in the overall ethylene carbonate market. It supplies ethylene carbonate, ethylene glycols, ethylene oxide, gas oxygen, gas nitrogen, liquid nitrogen, liquid argon, monoethanolamine, polyethylene glycol, polyoxyethylene lauryl ether, and methoxy polyethylene glycols to Taiwan and other countries in APAC. The company operates an ethylene carbonate manufacturing plant in Taiwan to supply ethylene carbonate to various end-use industries of the country. OUCC’s ethylene carbonate plant has the world’s largest production capacity, which uses carbon dioxide as a key raw material.
Huntsman accounted for the second-largest share in the market owing to the vast experience in the manufacturing of ethylene carbonate, broad product portfolio, huge production, sales, logistics, and technical service network. The company is highly focused on R&D and operates facilities in over 30 countries. It offers ethylene carbonate for various applications such as chemical intermediates, surface coatings, wood binder resins, lubricants, plasticizers, and electrolytes. The company is currently investing in advanced production technologies and carbonate derivatives to meet the customer’s demand.
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